Ameren's Q2 2025 Earnings Call: Unpacking Contradictions in Data Center Growth and Infrastructure Plans

Data center load growth and generation needs, impact of tax credits on project timing, data center load and growth potential, access to natural gas and infrastructure, and transmission project costs and customer cost impact are the key contradictions discussed in Ameren's latest 2025Q2 earnings call.



Infrastructure Investment and Grid Resilience:
- Ameren invested over $2 billion in critical infrastructure during the first half of 2025.
- The investment was aimed at enhancing energy grid resilience and reliability, especially following severe weather events like an EF3 tornado in May, which caused extensive damage and widespread outages.

Data Center Load and Economic Development:
- Ameren has signed construction agreements with data center developers representing approximately 2.3 gigawatts of future demand, with load expected to ramp up in late 2026 and beyond.
- The growth is driven by increased data center demand and potential for regional economic development, supported by available transmission interconnection and competitive power rates.

MISO Transmission Development:
- The bidding and selection process for a $6.5 billion portfolio of competitive transmission projects is underway, with Ameren focused on submitting bids for projects where it offers a clear advantage.
- This is part of a broader strategy to address growing load and shifting resource mix in the MISO region.

Financial Performance and Earnings Growth:
- Ameren reported second quarter 2025 earnings of $1.01 per share, up from $0.97 per share in the previous year.
- The earnings growth is driven by strategic investments in energy infrastructure and strong operational performance.

Regulatory Approvals and Rate Structure:
- Ameren Missouri's proposed large load rate structure was filed with the Missouri PSC in May, subject to approval expected by February 2026.
- The rate structure aims to offer competitive rates for large customers, including data centers, and align with anticipated minimum ramp schedules for service agreements.